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21
Shares / Re: AFL
« Last post by galumay on February 28, 2023, 06:35:31 PM »
My comment from twitter - Wen you are a #shitco and your losses are so big the CFO cant work out the % change from PRP. $AFL

A truly awful result, if it were not such a small position I would dump it.

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Even removing the impairments they had a massive loss despite slightly increased revenue.
22
Shares / Re: JYC
« Last post by galumay on February 28, 2023, 06:33:05 PM »
Another pretty good result for JYC H1 2023, something a bit funny with the earnings but I think thats a function of the sale of the KWB property and the 51% ownership.

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23
Shares / Re: SXE
« Last post by galumay on February 28, 2023, 06:29:31 PM »
H1 2023 report was very strong, one of the few you will see this reporting season showing strong growth in earnings on flat revenue. Outlook is guiding for a softer H2 with 10% drop in revenue.

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24
Shares / Re: KSL
« Last post by galumay on February 28, 2023, 11:26:06 AM »
Bought 33762 more KSL at 0.80c 28/02/2023
25
Shares / Re: NTD
« Last post by galumay on February 28, 2023, 10:53:26 AM »
No good news in the H1 report 2023 no reduction in debt, FCF now over -$10m. Dividend cancelled. Its going to be a long hard road back from here and I dont think I have the stomach for the journey.


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Sold out at 0.561362 28/03/2023
26
General Discussion / Re: Decision Journal
« Last post by galumay on February 28, 2023, 10:41:56 AM »
Thinking about selling NTD and buying more KSL, I should have sold NTD when I first saw red flags about management's capital allocation. I held on rather than taking a small loss, now I will be taking a much bigger loss. The rationale is 2 stage, following the H1 report for NTD I am really confronted by my failure to sell and hanging on in the hope they can recover and I wont realise a loss is silly and makes me a victim of biases like anchoring and loss aversion that I should know better than. Also the removal of the dividend means its even less attractive and there are further losses other than just the capital loss.

The second stage is re-investing the remaining capital in KSL, and the rationale is that its currently the most attractive position in the portfolio to increase, its trading on a deep discount to my range of valuation and pays an incredible dividend of over 13% - with 8% being paid next month which is a helpful start of turning around the negative impact of NTD.

So there are two seperate decisions, do I sell NTD, and I think the answer is yes, and I should have done it 12 months ago. Is KSL the best value proposition in the PF currently, and therefore should I buy more? I think the answer is also yes.

Sold all NTD at 0.561632

Bought 33762 more KSL at 0.80c 28/02/2023
27
Shares / Re: UOS
« Last post by galumay on February 27, 2023, 07:01:45 PM »
Full year results for 2022 were pretty good considering the dip in the 2nd half, just huge amounts of cash and investments as well as retained earnings.

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28
Shares / Re: JAN
« Last post by galumay on February 27, 2023, 09:59:49 AM »
Another absolute shocker from #shitco JAN, no wonder they didnt mention earnings once in the report until you get down to the income statement! A big loss, huge negative OCF, will likely need a CR before EOFY.
29
Shares / Re: KSL
« Last post by galumay on February 27, 2023, 08:43:02 AM »
Its been a very good year for KSL, strong result for FY 2022, interesting to revisit my original research/analysis from 2 years ago, here is the relevant part -

My valuation range is around $1.80, I am comfortable that looking at the past 6 years the ROIIC are superior to my hurdle rate and that should translate into a rerate at some point and in the meantime the very strong divvy yield should continue.

Premortem -

3 years on and the SP is still languishing around $1, despite solid performance from the business, it continues to be an overlooked business on the ASX with investors unable to get comfortable with owning a small pacific bank. Luckily the dividend has grown over that time and has made the investment worthwhile on its own.


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30
Shares / Re: SND
« Last post by galumay on February 24, 2023, 08:25:34 AM »
Great start to the FY for SND, a great little business that just keeps on delivering.

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